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So what: Quarterly revenue fell 68.5% year over year to $966 million, which translated to a slightly narrower adjusted net loss of $60 million, or $0.11 per share. That might sound bad, but analysts had expected a significantly wider net loss of $0.25 per share on lower sales $963.2 million.

BlackBerry CEO John Chen has previously stated the company could turn a profit on as little as 10 million smartphone unit shipments per year, BlackBerry recognized revenue on 1.6 million smartphones in the first quarter. That's good for a sequential gain of roughly 300,000 units, in part thanks to the successful launch of its low-cost Z3 device in Indonesia. Note, however, that roughly 2.6 million BlackBerry smartphones were actually sold through to end customers during the first quarter, including shipments made and recognized in previous quarters that reduced BlackBerry's inventory.

Now what: Chen stated in a press release: "Over the past six months, we have focused on improving efficiency in all aspects of our operations to drive cost reductions and margin improvement. Looking forward, we are focusing on our growth plan to enable our return to profitability."

To be sure, BlackBerry has $3.1 billion in cash to hold it over in the meantime, and is targeting breakeven cash flow by the end of this fiscal year. Personally, I'm perfectly happy watching this one from the sidelines. But as long as BlackBerry continues inching toward sustained profitability, there should be little preventing it from rising from here.

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As a technology and consumer goods specialist for the Fool, Steve looks for responsible businesses that positively shape our lives. Then he invests accordingly. Enjoy his work? Connect with him on Twitter & Facebook so you don't miss a thing.